The Arab Chamber of Commerce & Industry Celebrates its Second Anniversary at the Annual General Assembly

The
Arab Chamber of Commerce & Industry celebrated its second anniversary
at its Annual General Meeting on October 23rd 2008 in Hong Kong.
Present at the meeting were council and committee members as well
as representatives of the Hong Kong community, namely Mr. Abdul
Sukur Al Hamid, former Chairman of The Incorporated Trustees of
the Islamic Community Fund of Hong Kong and Mr. Mohamed Alli Din,
MH GCA EM, Chairman of the United Muslim Association of Hong Kong
(UMAH).

Lord Edwin E. Hitti, Chamber President,
in his key address indicated that the Arab Chamber of Commerce & Industry
has broken new grounds in its efforts to promote the Arab and Islamic
World to Greater China. Expressing that the past two years have beard
witness to epic challenges, whose outcome against all odds has yielded
milestones and landmark achievements, compelling us to further aims and
higher goals. To that aim, it has successfully completed the foundation
of fundamental infrastructures for Hong Kong enabling it to carry out
its aspirations and pivotal role as gateway to China and an international
trade and financial center, in the Islamic Financial and Banking arena
through its Shariah Advisory Council (SAC), its much
awaited successful launch of the HK Islamic Index (HKII)
and its new addition to its family of Indices, the soon to be launched
HK Growth Islamic Index (HKGII), the launch of its International
Islamic Mediation & Arbitration Centre (IMAC), with the participation
of a select panel of leading Arbitrators and cooperation with over 400
Islamic Lawyers worldwide. Moreover, its proud creation of The
Mosque Building Fund (MBF), a charitable initiative aimed solely
at creating sustainable funding and support for the development of Mosques,
Islamic Community Centers, Child & Elderly Care, Social Rehab and
Retirement Homes, in collaboration with The United Muslim Association
of Hong Kong (UMAH). Last but not least the introduction of a likewise
first in Hong Kong, the Hong Kong Institute of Islamic Studies
(HKIS), to offer a wide range of professional educational programs,
from Islamic Law (Shariah), Islamic Finance and Banking to Islamic Insurance
(Takaful). Such programs being availed as of January 2009 in cooperation
with The Institute of Professional Education and Knowledge (PEAK).

In compliment to all such milestone endeavors, the Chamber was honored
to announce that its ArabCham has published again a first in Hong Kong;
an almanac of Islamic cultural, judicial and financial standards, titled
Basic Mechanics of Islamic Capitalism, a veritable full perspective
of the evolution in Islamic Law, Banking, Finance and Insurance concepts
over the past three decades. Notwithstanding the foregoing Lord Edwin
called upon all members’ valuable involvement and participation in maintaining
and nurturing such achievements for the benefit of all.

October 23,2008

The
University of Hong Kong, Poon Kam Kai Institute of Management hosts Lord
Edwin Hitti, President of The Arab Chamber of Commerce & Industry and
author of the book: "Basic Mechanics of Islamic Capitalism".

The University of Hong Kong,
Poon Kam Kai Institute of Management hosts Lord Edwin Hitti, President
of The Arab Chamber of Commerce & Industry to the DMCC Gathering to address
and take charge of the Q&A session as an active forerunner in promoting
Islamic finance in Hong Kong and author of the book: "Basic Mechanics
of Islamic Capitalism".

The seminar was held at The University of Hong Kong, Poon Kam Kai Institute
of Management auditorium on August 2nd 2008. The distinguished podium
speakers Dr. Yassin Charles Chan and Lord Edwin E. Hitti addressed both
business and faculty members on Islamic Religion and practices, practicality
of Hong Kong becoming an Islamic Financial Centre and the business opportunities
Islamic Banking & Finance brings to Management Consultants in today’s
economy,

Major issues also tackled by the seminar and the Q&A were about the hurdles
and misgivings faced by the Hong Kong SAR Government and the constraints
of Islamic values integration within an existing Hong Kong judicial and
economic contexts.

The
Arab Chamber of Commerce & Industry petitions the Hong Kong Government
to adopt Islamic Law (Shariah) within contexts of its judicial and administrative
systems.

In
a move to position Hong Kong as Asian Hub for “Islamic Finance”,
The Arab Chamber of Commerce & Industry (ARABCCI), today petitioned
the Hong Kong SAR Government to adopt Islamic Law (Shariah) within
the context of the Territory’s judicial system.

In response to Chief Executive Donald Tsang’s
much publicized announcement last October and January Middle East Visit
to make Hong Kong an internationally recognizable “Islamic Financial Centre,”
and as part of a series of initiatives undertaken by The Arab Chamber
of Commerce & Industry (ARABCCI), pursuant to its establishment of Hong
Kong’s first “Shariah Advisory Council” and its recent “HK Islamic Index,”
the ARABCCI has petitioned the Hong Kong SAR Government to adopt Islamic
Law (Shariah) within the context of the territory’s judicial system.

The initial petition was submitted as a “Request” in lieu of “Due Process”
for immediate enactment of legislation, adoption by ordinance or ratification
through bylaw, recognition and/or integration of “Islamic Law” (Shariah)
within the effective context of Hong Kong’s judicial and administrative
system(s).

The adoption of Islamic Law is deemed an absolute necessity by the ARABCCI;
such a move would be a fundamental first step and a crucial gesture of
sincerity by the SAR’s authorities to the Islamic World – notwithstanding
being an indispensable measure to accommodate, administer and effectively
govern Islamic financial and banking matters locally.

The petition was executed by the ARABCCI and severally addressed to the
Legislative Council Secretary General, Secretary of the Law Reform Commission,
Secretary for Justice, the Head of the Central Policy Unit, the Chief
Secretary for Administration, and the Chief Executive.

The
Arab Chamber of Commerce & Industry, as part of an ongoing effort
for Hong Kong to become an Islamic Financial Centre, joined the
United Muslim Association of Hong Kong (UMAH) and the Institute
of Professional Education and Knowledge (PEAK) under patronage by
the Hang Seng Bank, at jointly hosting a Seminar on Islamic Principals,
Shariah (Islamic Law) and Islamic Banking & Finance.

The Seminar offered an overview of the emerging economic powers in the
global financial market from historical, social, religious, legal and
business practice perspectives to help understand what Islamic Finance
is all about.

A clearly illustrated career development path for both Muslim and non-Muslim
financial practitioners was also presented at the seminar, covering:

The attendees included distinguished personalities among
them the honorable Mr. Mohamed Alli Din, MH GCA EM, UMAH Chairman, Mr.
Yeung Yee Woo, Ibrahim of the Dharwood Pau Memorial School, as well as
members of the Hong Kong Mortgage Association, the Hang Seng School of
Commerce, the Oxford Coaching Institute, and the Hong Kong Sea Transport
and Logistics Association; to name a few...

April 26,2008

The
Islamic Corporation for Insurance of Investments and Export Credits (ICIEC)
congratulates Lord Edwin E. Hitti, president of the Arab Chamber of Commerce
& Industry on its achievements

The
Islamic Corporation for Insurance of Investments and Export Credits
(ICIEC), Mr. Yasser Alaki, expressed to The Arab Chamber of Commerce
& Industry’s President “We congratulate you on your achievements
and wish you all the best in your initiatives.”

The Islamic Corporation for Insurance of Investments
and Export Credits (ICIEC) is an internationally recognized Leader in
Shariah compatible Export Credit and Investment Insurance and Reinsurance,
with a primary mission is to encourage Exports from Member Countries and
to facilitate the flow of Foreign Direct Investment to Member Countries
by providing and encouraging the use of Shariah compatible Export Credit
and Investment Insurance as Credit and Country Risk mitigation instruments.

Mr. Yasser Alaki, Acting Head of ICIEC’s SD adds “We are pleased to support
you in any possible way related to our scope of services.”

Membership in ICIEC is open to the Islamic Development Bank and countries
which are members of the Organization of the Islamic Conference (OIC).
At the end of 1426H, there were 36 shareholders of ICIEC, comprising IDB
and 35 countries. Several other countries are in the process of completing
the membership requirements.

ICIEC provides insurance facilities in accordance with the principles
of the Shariah (Islamic Law). Thus, in carrying out its operations, the
Corporation observes the following principles.

Endeavors to achieve mutual co-operation of policyholders
through their collective sharing of losses which any one policyholder
may suffer;

Distributes the surplus that may accrue from the
insurance and any reinsurance operations to policyholders after meeting
statutory reserve obligations;

Excludes cover of contracts for the sale of goods
prohibited under Shariah, as well as interest accruing from export
credit or investment loans; and

In
a letter from the United Muslim Association of Hong Kong (UMAH)
Chairman, Mohamed Alli Din extended support to Lord Edwin E. Hitti,
President of the Arab Chamber of Commerce & Industry, in Hong Kong,
saying “What I think is most important is your rapport with Arab
businessmen”.

The United Muslim Association of Hong Kong
(UMAH) is a non-government, non-profit-making organization. For over a
decade, UMAH has been at the forefront of establishing institutions that
are beneficial to the community like the Haji Omar Ramju Sadick Care and
Attention Home (for the elderly) in Yau Oi, Tuen Mun, New Territories,
UMAH International Primary School in Yuen Long, and the ongoing Mosque
and Islamic Centre Project in Sheung Shui. With plans of developing more
institutions, UMAH moves steadily toward its bright future with the help
of its growing community.

UMAH’s Chairman, Mr. Mohamed Alli Din also adds in his letter to Lord
Edwin E. Hitti “I see the Arab Chamber of Commerce as a promising venue
for trade and finance… and … I believe that the Chamber will encourage
more Arab businesses to come in and invest in Hong Kong”.

To date Hong Kong has about 80,000 Muslims, the majority are ethnic Chinese,
with the rest mainly from Pakistan, India, Malaysia, Indonesia, the Middle
Eastern and African countries; having only 5 Mosques or Masjids built
under British rule, four of which are on the Hong Kong Island and one
on the Kowloon Peninsula, with none in the New Territories. UMAH aspire
to build the first Mosque and Islamic Centre in the Territories, which
will be the first Mosque built since the handover of Hong Kong to China.

In
light of Hong Kong’s Government on-going initiatives to make Hong
Kong an Islamic Financial Centre, The University of Hong Kong hosted
a joint lecture on Islamic Principals, Shariah (Islamic Law) and
Islamic Banking & Finance, by Mufti Muhammad Arshad, Chief Imam
of Hong Kong and Lord Edwin E. Hitti, Economics & Policy Advisor,
President of the Arab Chamber of Commerce & Industry, in Hong Kong.

The lecture was held at The University
of Hong Kong, Wang Chue Ming Building Lecture Hall on February 28th 2008.
The distinguished podium speakers Mufti Muhammad Arshad and Lord Edwin
E. Hitti addressed both Business and Journalism faculty members on Islamic
principals and practices in today’s societies, Shariah (Islamic Law) and
Islamic Banking & Finance compatibility with conventional secular practices
in the modern world.

Among the issues raised in the subsequent Q&A session, were indicative
concerns about the effectiveness of the role of Government and the constraints
of Islamic values integration within an existing Hong Kong and China legislative
and economic frameworks.

The attendees included reporters and members of Phoenix Satellite Television,
Xinhua News Agency, Voice of America, BBC, South China Morning Post and
Invest HK, to name a few...

February 28,2008

Hong
Kong Exchange and Clearing Limited (HKEx) congratulates in advance the
Arab Chamber of Commerce & Industry, in Hong Kong, on the launch of the
HK Islamic Index

In
an open letter from the Hong Kong Exchange and Clearing Limited
(HKEx), Chief Executive Mr. Paul Chow extended congratulation to
Lord Edwin E. Hitti, President of the Arab Chamber of Commerce and
Industry, in Hong Kong, for the launch of the HK Islamic Index.

The Arab Chamber of Commerce & Industry’s
HK Islamic Index (HKI-Index) is made up of a basket of selected Hong Kong
listed companies which have received preliminary qualification as being
Shariah Compliant by the Chamber’s Shariah Advisory Council.

The Hong Kong Stock Exchange (HKEx) is the Stock Exchange of Hong Kong(
(SEHK). The exchange has predominantly been the main Exchange for Hong
Kong where shares of listed companies are traded. More commonly known
as the Hang Seng Index, it is Asia's second largest stock exchange.

HKEx Chief Operating Officer Mr. Gerald Greiner also added in his letter
to the Chamber “We too look forward to working with you on developing
Islamic Finance in Hong Kong”

HKEx is the holding company of The Stock Exchange of Hong Kong Limited,
Hong Kong Futures Exchange Limited and Hong Kong Securities Clearing Company
Limited. It brings together the market organizations, which have transformed
Hong Kong's financial services industry from a domestically focused market
to become a central market place in Asia attracting investment funds from
all over the world.

January 11, 2008

Union
of Arab Banks congratulates the Arab Chamber of Commerce & Industry, in
Hong Kong, on its enormous success achieved during its first year.

Union
of Arab Banks (UAB), Secretary General Dr. Fouad Shaker expresses
“I would like to gain this opportunity to congratulate you on the
enormous success that the Chamber has achieved during its first
year in Hong Kong …” to Lord Edwin E. Hitti, President of the Arab
Chamber of Commerce and Industry, in Hong Kong.

Dr. Fouad Shaker expresses “I would
like to gain this opportunity to congratulate you on the enormous success
that the chamber has achieved during its first year in Hong Kong and to
express our deep belief in the importance of the Arab Chamber as a fundamental
pillar in reengineering not only the financial sector in the Arab world
but also the whole economic community towards faster and more adequate
integration into the international economy.

The Union of Arab Banks was formed on March 13, 1974, fostering cooperation
between Arab banks; developing of Arab financial business, and enhancing
the financing role of Arab banks in the Arab region. UAB comprises today
more than (300) Arab financial and banking institutions representing the
major and biggest Arab banks. This makes the Union the largest banking
and financial consortium in the region and the true representative of
the Arab banking community. The members of the Union consist of two categories:
The First category combines active members and includes all Arab banking,
financial, and investment institutions and joint Arab foreign banking
institutions. And the second category combines observer members and includes
Arab central banks, Arab banking associations and joint Arab-Foreign financial
institutions in which the Arab share is less than 51% but more than 25%.

Dr. Fouad Shaker adds “Moreover, I would like to express UAB’s keenness
and interest in maintaining and enhancing the channels of communication
with your good-self for further potential cooperation. I hope we will
have the opportunity to meet in the near future for discussing the possibility
of cooperation between UAB, as a professional banking-training organization
and your highly-esteemed organization”.

The
Arab Chamber of Commerce & Industry’s Shariah Advisory Council (SAC)
was officially established on August 3rd, 2007 with the support
of The Incorporated Trustees of the Islamic Community Fund of Hong
Kong, adopting Hong Kong’s specific Shariah Compliance guidelines.

Notwithstanding the perpetual contribution
of former founding members of the Shariah Advisory Council, the Chamber
is proud to announce the 2008 SAC composition comprising the following
distinguished Islamic Scholars:

Dr. Walid EL Kuzbary - Constitutional
Consel and Attorney in International Law

Mr. Zubair M. Latif - Markets Editor

The Arab Chamber of Commerce & Industry’s Shariah Advisory
Council was established to facilitate the screening and certification
of Shariah Compliant Hong Kong companies and funds seeking to attract
investments from Islamic investors and funds from the Islamic world.

December 12, 2007

Hong
Kong closer to becoming an Islamic Financial Hub with the establishment
of the HK ISLAMIC INDEX™ by The Arab Chamber of Commerce & Industry

The
Arab Chamber of Commerce & Industry announced on October 25th 2007
the establishment of its HK ISLAMIC INDEX made up of a basket of
selected Hong Kong listed companies which have received preliminary
certification as being Shariah Compliant. Such certification however,
was based on the analysis of publicly available information and
is subject to confirmation upon more detailed screening.

For the period from October 2006 to
October 2007 The HK ISLAMIC INDEX posted a gain of 162% versus a 58% gain
for the Hang Seng Index proving that Shariah Compliant investments need
not be inferior to traditional strategies.

The Arab Chamber of Commerce & Industry is in active negotiations
to promote the HK ISLAMIC INDEX throughout the Middle East with a view
to establishing it as the benchmark for Islamic Investors seeking to invest
in the shares of publicly traded companies in Greater China.

As all component companies of the HK ISLAMIC INDEX are
certified as to their continuing compliance with Shariah, Islamic investors
from the Middle East and elsewhere may confidently purchase the securities
of index component companies.

With
a view to lending support to the Hong Kong and PRC Government’s
respective efforts to develop Hong Kong into an Islamic Financial
Hub, The Arab Chamber of Commerce & Industry successfully organized
and hosted Hong Kong’s 1st Islamic Finance Workshop, with the assistance
of the International Chamber of Commerce (ICC) and the Hong Kong
General Chamber of Commerce (HKGCC).

The workshop was held at the City University
of Hong Kong Lecture Hall on October 25th 2007.The distinguished speakers
who presented at the event were Mr. Amirali B. Nasir JP, a Partner at
Nasirs, Lawyers and Notaries and a Council Member of the Law Society of
Hong Kong, Mr. Anthony Chan, a Managing Partner at Hammonds and Vice Chairman
of the International Chamber of Commerce – Hong Kong & China; and Mr.
Adhitya Wisesa, Vice President, Product & Client Manager, Asia Pacific
Domestic Custody Services with Deutsche Bank AG, Singapore.

Among the distinguished participants of the workshop were
representatives from the Bank of East Asia, Quam Securities, GCSL Group,
Deutsche Bank ,The Standard, Dow Jones Newswires...

The
Arab Chamber of Commerce & Industry’s Shariah Advisory Council (SAC)
was officially established
on August 3rd, 2007 with the support of The Incorporated Trustees
of the Islamic Community Fund of Hong Kong.

Dr. A S Johan – Vice President of
the Chamber and Consultant Forensic Accountant;

Mr. Abdul Kareem Cheung – Solicitor
and Corporate Finance Adviser;

Mr. Zubair M. Latif – Markets Editor

The Arab Chamber of Commerce & Industry’s Shariah Advisory
Council was established to facilitate the screening and certification
of Shariah Compliant Hong Kong companies and funds seeking to attract
investments from Islamic investors and funds from the Islamic world.

October 23, 2007

Republic
of Sudan and Kingdom of Bahrain offer continued support for the Arab Chamber
of Commerce in Hong Kong at the Annual General Meeting

The
Arab Chamber of Commerce & Industry held its first Annual General
Meeting on the October 22nd, 2007 in Hong Kong. Present at the meeting
were council and committee members as well as representatives of
the Arab Diplomatic community, namely from The Republic of Sudan
and The Kingdom of Bahrain.

Representatives from the Arab nations,
who attended the Annual General Meeting in their capacity as Governors,noted
that the Arab Chamber of Commerce & Industry was breaking new ground in
its efforts to promote the Arab World to Greater China and vice-versa.
They offered their respective countries’ continued support for the Chamber’s
programs for 2008.

October 22, 2007

The
General Union of Arab Chambers extends appreciation of The Arab Chamber
of Commerce & Industry’s endeavors.

The
General Union of Chambers of Commerce, Industry and Agriculture
for Arab Countries, Secretary General Dr. Elias Ghantous expresses
“ We very much appreciate your endeavors and we are always ready
to render any assistance in this regard” to Lord Edwin E. Hitti,
President of The Arab Chamber of Commerce and Industry, in Hong
Kong.

The General Union
of Chambers of Commerce, Industry and Agriculture for Arab Countries (General
Union) was established in 1951, with headquarters in Beirut, Lebanon.
It is an Arab regional non-governmental organization that has the privilege
of representing the Arab private sector on the regional and international
levels. The General Union assumes a major role in promoting cooperation
among Arab Chambers and coordinates their efforts towards regional cooperation.
It works towards promoting Arab economic interests abroad, particularly
with respect to exports and for the rationalization of imports and investments.

Dr. Elias Ghantous
adds “It is amply evident that with the great potential on both sides
much can be attained to promote development and cooperation”.

The total volume of
trade between Arab countries and China will reach US$100 billion by 2015,
"The current economic relations and trade between China and the Arab world
has reached high levels," said president of the Council of the General
Union of Chambers of Commerce, Industry and Agriculture for Arab Countries
Mr. Adnan Kassar to Xinhua, adding that the Arab businessmen will widen
and extend their relations with China.

Hong
Kong Government Chief Secretary for Administration the Hon. Henry
Tang, welcomes Lord Edwin E. Hitti, President of The Arab Chamber
of Commerce & Industry in Hong Kong as newest member of IBC.

The International Business Committee
is chaired by the Chief Secretary for Administration of the Hong Kong
Government, the Hon. Henry Tang, and meets quarterly. The IBC is a platform
for the Hong Kong Government to update the international business community
on initiatives and developments undertaken by the Government. At the same
time, the IBC provides opportunity for the business sector through its
Chambers of Commerce to share with the Government issues of concern to
the international business community.

Mr.
Jiang, Zengwei, Vice Minister of The Ministry of Commerce of The Peoples
Republic of China, and Mr. Zhao, Peigeng, Vice Chairman of Anhui Committee
of the Chinese People’s Political Consultative Conference, Mr. Zhao, Ruidong,
Vice Mayor of Zhengzhou ,Henan Province as well as representatives of
The National Development & Reform Commission and The China Association
of Development Zones receive Lord Edwin E. Hitti, President and Dr. A.S.
Johan, Vice President of The Arab Chamber of Commerce & Industry, in Hong
Kong during the 11th CIFIT in Xiamen.

The Arab Chamber of
Commerce & Industry President and Vice President being received by Mr.
Jiang, Zengwei, Vice Minister of The Ministry of Commerce as part of trade
delegation from Hong Kong.

The
visit was organized by the Commercial Office, Economic Affairs Department
Liaison Office of The Central People's Government in the Hong Kong
SAR. It was aimed at learning about the Chamber's experience in
serving the business community and the development features of the
Arab World's economy.

Mr. Jiang, Zengwei,
Vice Minister of The Ministry of Commerce of The Peoples Republic
of China, welcomed the Hong Kong delegation and applauded the Arab
Chamber's role in promoting Arab investments and business cooperation
in the region, and in developing the commercial sectors through
receiving major business delegations and missions from all over
the Arab World, and arranging networking meetings for them with
the business community in China.

'The visit of
The Arab Chamber of Commerce & Industry’ Hong Kong delegation helped
strengthen economic ties between the China and the Arab World, especially
that both regions are strategic locations for commercial development
activities making them two of the largest markets,' said Lord Edwin
E. Hitti.

He highlighted
the interest of The Chamber in urging the local business community
to

enhance their relations with
their Hong Kong counterparts.

The
representatives of The National Development & Reform Commission
and The China Association of Development Zones expressed their interest
in enhancing economic ties and commercial cooperation with the Arab
World through exploring areas of mutual investment and activating
ties between the business communities in both regions. They added
that the growing interest from Arab investors in the region has
encouraged the China business community to expand their relations
with their counterparts in the Arab World through Hong Kong.

'China’s economic
development has drawn the attention of much of the Arab World owing
to outstanding effort and the strong will of the PRC leadership
to develop the country and enhance its economic potential,' said
Dr. A.S. Johan.

The Hong Kong
delegation which was headed by the Trade and Development Council
of Hong Kong was succesdful in positioning the Arab Chamber's role
in serving the business interests of the Arab Steates through Hong
Kong as an important gateway to Greater China.